SSL shareholders will receive 1,163p per share, with a further entitlement to a dividend of 8p a share, Reckitt said on Wednesday. The total is 33pc more than SSL’s closing share price on Tuesday.

Reckitt's chief executive Bart Becht said: "It is anticipated that the acquisition will increase Reckitt Benckiser's health and personal care net revenues by over 36pc to approximately £2.8bn, one third of the Group's total net revenues."

Reckitt said on Wednesday it expected cost synergies in the region of £100m a year from the combined group by the end of 2012, resulting in an improved margin profile for the acquired business.

SSL directors, who were advised by JPMorgan Cazenove and Lazard, intend to recommend the offer to shareholders.